In a capitalist economy, resources are

Assessment: WAEC SSCE - Economics - 2009 (Objective) Subject: Economics

Question 1 Report

In a capitalist economy, resources are
Answer Details
In a capitalist economy, resources are privately owned. This means that individuals, businesses, or organizations own and control the resources such as land, labor, and capital. The ownership of resources is a fundamental aspect of capitalism, and it allows individuals to make decisions about how to use these resources to produce goods and services that can be sold for profit. In a capitalist economy, the government's role is typically limited to regulating the market and enforcing property rights, rather than owning or controlling resources.
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